This is a guide to help agents and prospective residents better understand whether homes fit into the Home Partners of America Program. We believe quality homes in affordable communities increase our residents’ likelihood of success with the Program. Our Program also considers a home’s potential for leasing and resale in the event our residents move out.
RENTAL INSPECTIONS: Many county or municipal governments require a rental license inspection prior to resident move-in. Prospective residents who select homes in these areas should be aware that move-in dates could be thirty days or more after the closing date. Please check with the county and municipality in which the property is located to confirm their rental license requirements.
NOTE: Prior to closing, homes must be vacant and empty of all seller’s personal belongings.
There are a few other HOA conditions that will disqualify a property from Home Partners’ consideration. These include:
Home Partners is able to provide HOAs with basic resident information, such as name, phone number, email, vehicle information and pet information. This approach allows Home Partners to rent to any resident that qualifies for our program, regardless of HOA requirements.
When submitting an HOA property for acquisition consideration by Home Partners, the following HOA documents will be reviewed as part of Home Partners’ due diligence:
The earlier that Home Partners receives these documents, the better, as this allows us to be aware of any potential issues that may prohibit Home Partners from leasing the property. Home Partners must receive the HOA Questionnaire by the end of the due diligence period. If an HOA does not have all of these documents, there is a very high chance of Home Partners terminating the transaction.
